7 mistakes you want to avoid when starting your own

Although starting your own business is both fun and developing, any self-employed person can testify that it is not always a dance on roses. Like a living creature, a company has needs that must be met to ensure the growth of the business. And along the way to success, you will make some mistakes.

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Do not be afraid of mistakes.

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Failure is a natural part of life as an entrepreneur, especially at the beginning of your career. By making mistakes and learning from them, you can develop both yourself and your business. Therefore, it is important that you are not afraid to fail, but at the same time you should beware of making the same mistake several times.

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Although you should always see your failures from a positive point of view, there are some mistakes that are extra common among startups. By avoiding these, you, as just starting your own, can increase your chances of success faster. Below we list seven common mistakes among startups and how you can avoid them.

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Weak business idea

The most important step towards successful entrepreneurship is to have a unique and well-thought-out business idea. Unfortunately, many companies choose to invest in a business idea that does not have as much potential as they themselves think.

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Therefore, it is important that you have clear what to sell, to whom and in what way. Above all, investigate whether your idea already exists and how, if so, you can improve it to stand out. Do not forget to keep a close eye on your main competitors.

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One tip is to do a survey among family and friends before you decide to make your idea a reality. This way you can get valuable feedback and even ideas on improvements or changes.

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Starting your own for the wrong reason

In difficult times of rising unemployment and few jobs, many people are thinking of starting their own. A common misconception is that entrepreneurship is all about comforts, such as being your own boss and making money from rolling bands.

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Few are aware of the hard work that an own business requires. It is not uncommon for self-employed workers to work more hours than full-time employees, especially at the beginning. In addition, starting a profitable business takes time, which requires patience — something not many people counted on.

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If you want to start your own business, make sure you have an eye on what is actually required of you, both in the short and long term.

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Flawed economy

You will need money to be able to make money, especially in the start-up of your business. Many start-up entrepreneurs believe that the income of the company will roll in immediately, but, of course, this is not the case. It takes time to build a stable turnover.

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In other words, during the start-up phase, incomes will be small and expenses large. After all, now you need to make investments in everything from websites and equipment to premises and possibly employees.

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For this reason, it is important that you plan the company's budget carefully in advance. How much start-up capital will you need to get by during the startup? When will the company start making money? How big will the spending be?

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If you have a job at the moment, it may be a good idea to keep it, or lose it on time, while you start your business. In this way, you get financial security, which is especially important in the start-up phase because start-ups often lose money in the first few years.

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No business plan

It is not uncommon for entrepreneurs to believe that a good business idea is enough to run a business. The business idea is certainly important, but it is nothing without a thorough business plan.

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A business plan should contain a detailed description of your idea and goals of the business. It should also include information on everything from competitors and marketing strategy to budget and funding.

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With the help of the business plan, you can easily plan a strategy for developing the company in the desired direction. In addition, the plan can facilitate meetings with potential investors or in business loan negotiations with the bank.

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Learn more about business loans and how they can help your business grow Lånjakt.se.

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Weak digital profile

Digital presence is becoming increasingly important in our digitized society. Nevertheless, studies show, such as this one made by ClutchToday, only 64% of small business owners have a website. This means that many companies are actually losing customers due to a weak digital profile.

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No matter what industry you are in, a website is now a must. On the one hand, a website opens up completely new marketing options, such as search engine optimization, while it can improve your trust with potential customers.

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You should also be active on social platforms such as Instagram and Facebook, given the large audience that is there. The more active you are online, the better chance you have of reaching out to the right audience and building a strong brand.

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Fear of change

A common phenomenon among entrepreneurs is that they stay in old patterns, whether things are going well or not. In other words, few people choose to develop their business further, despite the fact that this may affect profitability.

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If the company is doing well, think about how it can do better. If the results do not meet expectations, evaluate and reflect to find opportunities for improvement. Maybe you need to change direction? Or maybe it's time to invest in external expertise?

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As an entrepreneur, you should never be afraid of change. Dare to question old patterns and find new opportunities.

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I want to do everything myself

One of the most common mistakes among self-employed and entrepreneurs is that they always try to do everything themselves. A common reason for this is because “they do it best themselves”.

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Apart from the fact that this attitude can create psychological stress - which in turn can lead to a deterioration in work performance - it can also slow down the development of the company.

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Daring to ask for help is important, partly for your own sake, but also for the company's. For example, by hiring external consultants with expertise in specific areas, you can reduce the workload effectively. At the same time, you stimulate the growth of the business because the work will get done faster.

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Also, don't be afraid to consult with people around you. This is where a wide network can be extra appreciated.

Summary

Running a business is a multifaceted process and sometimes you get it wrong. Never be afraid to fail, but make sure not to repeat past mistakes several times. If you do, it's a sign that life as a self-employed person may not be for you.